Organizing for America | James Chirico's Blog: Wrong Economic Leadership

Wrong Economic Leadership

By James from Brooklyn, NY - Jul 2nd, 2009 at 6:03 pm EDT

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The stimulus bill was never designed to produce jobs in 09, it was written with a strong political flavor producing most of the jobs in 2010 in time for midterm elections. When I see the Goldman Sachs profits and former employees calling the economic shots for Obama, you know his people won't crack down on their abuses. Selling mortgage bonds with 3 times the subprime and sub A values with the rating given to normal 8% subprime share is fraud. The fact they shorted their own bonds and made 11 billion tells a story. So does cashing out on oil future contracts when that price was bid illegally to $140/bbl. If you can get the Hunt brothers for doing that with silver, you can get Goldman for doing that with oil. Putting a bank in charge of financial regulation (Federal Reserve) is absurd. Letting banks raise mortgage rates when prime and interbank rates have not increased has stopped the increase needed in housing starts. Squeezing the middle class further with nuisance fee increases (even charging for extra FDIC coverage) should not be allowed. 14 trillion came out of global stock markets and auditing the withdrawals for tax liability will generate billions in additional taxes. Income taxes from earned income is down substantially, but I question the capital gains reporting. Sheila Bair has done a great job without the investment bank bias shown by others. She should have won the war for the top economic advisior spot.

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